PI IMPINJ INC

Overview and Growth

In fiscal 2025, IMPINJ INC recorded $361.07M of revenue, net loss of $10.85M, and an operating cash inflow of $58.75M. Revenue of $361.07M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 1.4% from $366.09M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. Diluted earnings per share were -$0.37, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 126.6% decrease from fiscal 2024 diluted EPS of $1.39. The revenue-to-assets relationship was 0.66x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $189.68M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 52.5% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $737.00K after the reported operating expense base. The operating loss equaled 0.2% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $10.85M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 3.0% after all recognized items. Before income taxes, the company recorded a loss of $10.92M, bridging the operating result to the final net loss. The pretax loss equaled 3.0% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $69.00K, favorably bridging the pretax and after-tax results. Relative to period-end equity, the net loss represented 5.2%. The net loss equaled 2.0% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $545.19M asset base was financed through $335.95M of liabilities and $209.23M of equity. At period end, current assets of $339.22M compared with current liabilities of $126.53M, defining the company’s short-term resource position. At 2.68x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $48.21M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 38.1% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $280.89M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 1.34x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 51.5%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 61.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 8.8%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 11.5% higher than fiscal 2024 assets of $489.08M, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $58.75M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $12.86M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 21.9%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $45.88M, leaving a positive amount after capital expenditures. Free cash flow represented 12.7% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 8.4% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.